Exhibit 99.5
December 9, 2019
CONSENT OF DUFF & PHELPS, LLC
We hereby consent to the inclusion of our opinion letter, dated October 22, 2019, to the Special Committee of the Board of Directors of Carey Watermark Investors 2 Incorporated (“CWI 2”) as Annex G to the Joint Proxy Statement/Prospectus, which forms a part of the Registration Statement on Form S-4 of CWI 2 (the “Registration Statement”), related to the proposed transaction (as defined in the Registration Statement), and references to such opinion in such Joint Proxy Statement/Prospectus. By giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder, nor do we thereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term “expert” as used in the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.
/s/ Duff & Phelps, LLC
Duff & Phelps, LLC
Duff & Phelps, LLC
311 South Wacker Drive
Suite 4200
Chicago, IL 60606 | T +1 312 697 4600
F +1 312 697 0112 | www.duffandphelps.com |
